The value of land in NSW has increased by more than 11 per cent, exceeding $1.12 trillion, in the 12 months to 1 July 2014.
As part of the 1 July 2014 valuation program we have assessed almost 2.5 million residential, rural, business and industrial land values for properties in NSW.
Valuers analysed over 43,000 property sales across NSW to determine the 1 July 2014 land values; property sales are the most important factor considered when determining land values.
For more information please see the Valuer General’s media release (PDF 161.4 KB).
Every year approximately one third of Local Government Areas (LGA) receive new valuations to assist with setting rates. 882,000 Notices of Valuations are being sent to landholders in 45 LGAs this month, showing the value of properties based on market conditions as at 1 July 2014.
Details of the LGAs where landholders will receive Notices of Valuation this month can be found in the council revaluation schedule (PDF 243 KB).
The 45 councils will review their rates model for this year based on the new land values. Land values are one of the factors councils will use set each landholder’s rates. Increases or decreases in land values do not necessarily lead to similar increases or decreases in rates.